One of the things that prospective parents have to think about when they decide to have kids is whether or not they can even afford it. They know that children are going to cost a lot of money and increase their daily bills. Some of this is simple, such as an increase in grocery costs. But it can also be a lot more complex and may raise the cost of living substantially.
The total tends to increase every year, but the current estimate is $272,049. This is the cost from the time that the child is born until the time that they turn 18 years old and become a legal adult.
It is also important to note that there can be additional costs that would not be included here. For instance, many parents plan to help their children with college tuition, but this isn’t even added to the number above. The real cost could be substantially higher depending on where you live, as well. The general cost of living in your area defines how much you have to pay for everyone in your household.
What does this mean for your divorce?
If you’re getting divorced, it’s important to keep numbers like this in mind. You may be negotiating child support with your ex. You need to make sure that the amount that you get is actually going to cover the costs of raising your child. At the same time, if you’re the one who is being asked to pay support, you need to know what those cost really look like and what defines those monthly payments. Many people are surprised by what they find.
With long-term decisions involving divorce and children, things can get very complicated. Make sure you are always well aware of the legal steps you can take.